Alkhorayef Industries, a subsidiary of Alkhorayef Group, has successfully acquired its long-time technology partner, Proxima Systems. This strategic move comes after more than a decade of close cooperation and effective partnership in the development of monitoring and control technology for irrigation systems designed and produced by Alkhorayef. The two parties have now decided to elevate and strengthen their collaboration through this acquisition.
The acquisition marks a significant expansion of the company’s technological products portfolio geared towards automating and improving irrigation processes. This action is expected to play a crucial role in Alkhorayef’s ongoing commitment to innovation and progress within the agricultural sector. These advancements will also contribute to reducing water and energy consumption, in line with Alkhorayef’s dedication to sustainable farming practices.
Furthermore, this acquisition enhances the group’s continuous pursuit of technological innovation and digitalization. This aligns with the group’s growth and broad-ranging objectives that align with Saudi Arabia’s Vision 2030. It will also serve to leverage the Group positioning the IoT and AI in the different verticals value chains that it serves related to Food, Water and Energy. It is worth noting that Alkhorayef Industries manufactures leading irrigation equipment worldwide.
The company has a rich history in Saudi agriculture, working with farmers and Saudi companies in the early days of government support to boost regional agriculture. The company is now classified as one of the key players in the wide-scale irrigation industry, helping food producers meet increasing demand in an environmentally friendly and profitable manner. The company also has a widespread presence in Europe, North America, South America, Australia, New Zealand, and Africa. This allows them to provide comprehensive solutions to farmers both nationally and internationally.
ONTIER’s team was led by the partner Jorge Perujo, the associate Francisco de Almeida Viegas, and the junior associate Ana Contreras Lopez, all from the Corporate M&A department.